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Rival well service companies to combine

Two rival well services companies that operate out of Grande Prairie are planning to join forces. Trican Well Service would be acquiring Canyon Services Group by exchanging shares and debt valued at $637 million. Canyon already uses many of the same service lines as Trican, and the two Calgary-based companies say they share similar values.

The friendly deal would include Trican exchanging 1.7 of its common shares for each of Canyon’s, and would assume $40 million dollars of its debt. In turn, Canyon’s shareholders would end up with 44 per cent of the combined company’s equity.

It’s expected the deal will be closed and approved within three to five months. Infrastructure and employees are included.

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